Online gaming company Nazara Technologies Limited on Monday announced the approval of a preferential allotment of equity shares with the aim of raising up to Rs 100 crore.
Nazara Technologies will issue up to 14 lakh equity shares of face value of Rs 4 each at a price of Rs 714 per equity share to Zerodha co-founder Nikhil Kamath’s companies.
The company’s shares were up by 4.70 per cent in Monday’s trading after the announcement.
Under this proposal, Nazara intends to issue 14,00,560 equity shares with a face value of Rs.4 each at a price of Rs. 714 per equity share, aggregating to Rs. 100 crore. These shares will be proportionately allotted to M/s Kamath Associates and M/s NKSquared. These equity shares will be locked in for a period of six months from the date of issue.
The infusion of fresh funds through this preferential share issue will be utilized to support Nazara’s growth objectives. This includes investments in funding requirements, acquisitions, and investments in various companies, subsidiaries, associates, and joint ventures as per the business opportunities across Nazara’s portfolio.
“Kamath symbolises success in India’s tech arena, and this fund raise holds immense value for us at Nazara as we continue to build a diversified gaming platform in India. Beyond the funds raised, his investment stands as a resounding vote of confidence in Nazara,” said Nazara CEO Nitish Mittersain.
